Despite growing awareness of the problem of long term care, there is generally a lack of understanding about how to pay for this type of care. In a survey of American ages 30-65, 77% agreed with the statement ‘I should know more about long term care insurance than I currently do.” Employers who provide retirement savings opportunities are in a unique position to similarly address employee concerns and needs about long term care.
Employer-paid premiums are 100% tax deductible. Premiums paid are excluded from the employee’s gross income.
Read the full document here.